Post by
Proselenes on Aug 16, 2023 9:12pm
Cascadura update.......
Some info sent to me - take it as it is, a BB post :
*16th August
** Coho issue is higher than expected water inflow and lower flow rates - remedial action will be to shut in Coho once Cascadura is on commercial production and fix Coho-1, and also possible drill Coho-2 to max out the flow allowed through the pipeline into the Shell facility
"..........I have had a chat with the company today*, and they probably see the need to calm the market as they cannot easily vent their frustration in an update.
The inspections have been ongoing for weeks, and everytime they are sure they are finished, someone comes up with a small detail. There are not one or two inspectors, but every agency send their own people...........
...........They can see the finishline, but they cannot contol every small detail that might be thrown in their direction. So they are super frustrated. Another way of saying it is that the last 0.1% can take a long time if people are really looking for small problems. One example was sign that was placed a few cm too low.
They comfirm that they believe Coho** will be fixed, both with regards to water and the Shell issue.
They are very keen to start drilling CAS C asap, but nothing happens until Cas is online.
Presentation in London around Sept 25-26. They expect a lot of retail investors to sell on Cas online, but they believe there are several intitutional investors that will use the volume to position themselves.
No need for more equity or debt.
They will not RNS first gas in the system, but first commercial gas which should happen shortly after (1-2 days I think). ............ "